Indonesia M&A - Eni to acquire Chevron's remaining upstream assets

(Originally published on July 31, 2023)

Last week's IPA conference in Jakarta was full of positive news. I have already looked at the Abadi deal, which was closely followed by the announcement that the long-rumoured deal for Eni to acquire Chevron's remaining upstream assets in Indonesia has been agreed. Neither a transaction value or an effective date has been published but the closing of the deal will be subject to the governmental and regulatory approvals.

This deal should be considered in relation to the recent announcement that Eni will acquire Neptune Energy, see my previous article on this, and provides Eni with a very strong position in the basin.